Where to begin when starting out on building your own property portfolio.
What are you looking for?
Buy-to-let property has two strong benefits: the monthly income and the profit you can make when you decide to sell. As you begin your portfolio, it is best to consider which one of these you value more for your personal situation.
Knowing your goals will help you focus your search for the right property.
Space it out
If you have the means, your property portfolio can be as big and diverse as you like.
However, everyone must start somewhere, and the best way to get a feel for the market and property investment in general is to invest in just one property at a time and build up from there.
Get help from experience
Consider consulting a lettings agent, with experience, such as Horizon Lets. Our ability to give guidance to investors can help to make their purchase a lot less stressful.
Watch your money
It may seem obvious, but if you are new to property investment and looking to start your first portfolio, you need to keep an eye on the numbers. The property market can vary and it is important to check that your investments are still viable.
Don’t forget about the tenants
Making sure that your tenants are happy is the secret to a successful portfolio.
If your tenants are satisfied with their accommodation, tenancy lengths will be longer and void periods will be shorter. You can ensure a great service is provided to your tenants without doing any of the hard work yourself by using a management company such as Horizon Lets, to manage your investment on your behalf.
This frees up precious time for you to concentrate on other things.
Plan the ending
Before you start your portfolio, you need to look ahead and think about your exit strategy (if you want one). By being aware of your end goals before you start, such as liquidating your assets or keeping hold of them to secure a retirement income, you can make more informed decisions now before you start to grow your portfolio and plan accordingly.
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